QRIS Data Revolutionizes MSME Credit Assessment in Indonesia

Transforming Credit Scoring with Digital Footprints

Bank Indonesia (BI) is pioneering an innovative approach to credit scoring by leveraging transaction data from Quick Response Code Indonesian Standard (QRIS). This initiative aims to enhance financial inclusion, particularly for Micro, Small, and Medium Enterprises (MSMEs) that often lack traditional credit histories ¹

Key Stakeholders Weigh In

CIMB Niaga's CEO, Lani Darmawan, supports using QRIS data for credit assessment, noting that digital payment data can provide valuable insights into a business's financial health. "QRIS is one of the digital payment methods in Indonesia, so the payment data through this service can be used as an alternative basis for credit assessment," Lani explained ¹

Expert Insights on Implementation

Economist Josua Pardede from Bank Permata (BNLI) outlines five critical prerequisites for effective QRIS data utilization in credit scoring ²

1. Clear data governance and consumer protection
2. Comprehensive risk assessment frameworks
3. Technical standards for scoring models
4. Financial literacy for MSMEs
5. Phased implementation with careful monitoring

Technical and Regulatory Considerations

BI Deputy Governor Juda Agung explains that AI can process QRIS transaction data to create alternative credit scores. This digital footprint includes income, expenses, savings, and customer data, which can be transformed into valuable financial information for lenders ¹

Challenges and Opportunities

While this innovation promises to expand credit access, experts warn of potential risks if not implemented carefully. "We need a paradigm shift from high-tech to right-tech solutions that are inclusive and practical for all users," Juda emphasized. The phased implementation approach is crucial to mitigate risks while maximizing benefits.